[08rookie]

my sons credit is almost perfect. my credit is not that perfect. i owe close to 75k on a property that should be worth 350-400k. is there any way my son can use that equity? how does this work? can i simply transfer the property in his name and he can apply for a home equity line of credit? is the process a little more involved then this?

[ScaredOnce]

Transfer the property into my name. I will explain later.

[Freakazoid]

unless your credit is truly atrocious, you should still be able to get a HELOC loan. Just keep it under 75-100k and you shouldn't have a problem. Then give him the money. HELOC loans care more about how much you owe on the property than your credit score.

[NYCGP]

How old is your son? Sometimes a good credit score doesn't mean he can actually use that credit score the same way an older person can. You need to show a history of paying off debt. Car loans, mortgages, etc. When I was 21 I had an amazing credit score but couldn't do shit with it because of a lack of history. Yeah, I had paid everything in a timely fashion. But, I never had more than 1 credit card and had no major financing in my name. I was actually denied for certain things that I assumed would be no problem, based on my score.

Besides all of this, what Wallstreet said is correct. If you are in too deep, you could always fake your death... or declare bankruptcy.. both are similar options.

[john9]

I can't help you and I expect you to get a satisfactory answer.